STANDISH AYER & WOOD MASTER PORTFOLIO
NSAR-A, 1999-05-21
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<PAGE>      PAGE  1
000 A000000 03/31/99
000 C000000 0001012705
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 STANDISH, AYER & WOOD MASTER PORTFOLIO
001 B000000 811-07603
001 C000000 8002214795
002 A000000 ONE FINANCIAL CENTER
002 B000000 BOSTON
002 C000000 MA
002 D010000 02111
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 STANDISH EQUITY PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 STANDISH SMALL CAPITALIZATION EQUITY PORTFOLI
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C020500 STANDISH SMALL CAPITALIZATION EQUITY PORT II
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 STANDISH, AYER & WOOD
008 B00AA01 A
008 C00AA01 801-584
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02111
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 B00AA01 85-720
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 STANDISH FUND DISTRIBUTORS, L.P.
011 B00AA01 8-48683
<PAGE>      PAGE  2
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02111
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02116
013 A00AA01 PRICEWATERHOUSECOOPERS L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02117
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    7
019 C00AA00 STANDISH,A
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001     55
020 A000002 JEFFRIES & COMPANY INC
020 B000002 95-2622900
020 C000002     42
020 A000003 PAINE WEBBER
020 B000003 13-2638166
020 C000003     40
020 A000004 WEEDEN & CO
020 B000004 13-3364318
020 C000004     32
020 A000005 GOLDMAN SACHS
020 B000005 13-5108880
020 C000005     31
020 A000006 DB CLEARING
020 C000006     28
020 A000007 COWEN & CO
020 B000007 13-5616116
020 C000007     27
020 A000008 PERSHING/DLJ
020 B000008 13-2741729
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<PAGE>      PAGE  3
021  000000      426
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022 C000001   2285683
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022 C000002     13155
022 D000002     11436
022 A000003 ALEX BROWN
022 B000003 1349412476
022 C000003     13257
022 D000003      4919
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022 B000004 1332999429
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022 D000004      8362
022 A000005 CHARLES SCHWAB
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022 D000005      5784
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022 B000008 1356740850
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022 D000008      3189
022 A000009 OPPENHEIMER
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022 D000009      5701
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022 C000010      4472
022 D000010      6085
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023 D000000     110313
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<PAGE>      PAGE  4
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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050  000200 N
051  000200 N
052  000200 N
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066 A000200 Y
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<PAGE>      PAGE  11
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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SIGNATURE   DENISE KNEELAND                              
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended March 31, 1999
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
   <NUMBER> 2
   <NAME> Standish Small Capitalization Equity Portfol
       
<S>                             <C>
<PERIOD-TYPE>                           6-MOS
<FISCAL-YEAR-END>                         SEP-30-1999
<PERIOD-END>                              MAR-31-1999
<INVESTMENTS-AT-COST>                     157,403,425
<INVESTMENTS-AT-VALUE>                    186,966,317
<RECEIVABLES>                               7,007,283
<ASSETS-OTHER>                                 32,500
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                            194,006,100
<PAYABLE-FOR-SECURITIES>                    1,571,477
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                      44,653
<TOTAL-LIABILITIES>                         1,616,130
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                  218,244,801
<SHARES-COMMON-STOCK>                               0
<SHARES-COMMON-PRIOR>                               0
<ACCUMULATED-NII-CURRENT>                           0
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             0
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                  (25,854,831)
<NET-ASSETS>                              192,389,970
<DIVIDEND-INCOME>                              51,061
<INTEREST-INCOME>                             138,210
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                632,352
<NET-INVESTMENT-INCOME>                      (443,081)
<REALIZED-GAINS-CURRENT>                    2,913,635
<APPREC-INCREASE-CURRENT>                  47,287,959
<NET-CHANGE-FROM-OPS>                      49,758,513
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           0
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             0
<NUMBER-OF-SHARES-REDEEMED>                         0
<SHARES-REINVESTED>                                 0
<NET-CHANGE-IN-ASSETS>                     38,593,156
<ACCUMULATED-NII-PRIOR>                             0
<ACCUMULATED-GAINS-PRIOR>                           0
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                         514,335
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                               639,273
<AVERAGE-NET-ASSETS>                      172,129,435
<PER-SHARE-NAV-BEGIN>                            0.00
<PER-SHARE-NII>                                  0.00
<PER-SHARE-GAIN-APPREC>                          0.00
<PER-SHARE-DIVIDEND>                             0.00
<PER-SHARE-DISTRIBUTIONS>                        0.00
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                              0.00
<EXPENSE-RATIO>                                  0.74
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                             0.00
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
   <NUMBER> 1
   <NAME> Standish Equity Portfolio
       
<S>                             <C>
<PERIOD-TYPE>                           6-MOS
<FISCAL-YEAR-END>                         SEP-30-1999
<PERIOD-END>                              MAR-31-1999
<INVESTMENTS-AT-COST>                     248,401,331
<INVESTMENTS-AT-VALUE>                    265,579,268
<RECEIVABLES>                               3,843,574
<ASSETS-OTHER>                                 33,067
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                            269,455,909
<PAYABLE-FOR-SECURITIES>                    1,489,337
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                      47,581
<TOTAL-LIABILITIES>                         1,536,918
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                  264,410,950
<SHARES-COMMON-STOCK>                               0
<SHARES-COMMON-PRIOR>                               0
<ACCUMULATED-NII-CURRENT>                           0
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             0
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                    3,508,041
<NET-ASSETS>                              267,918,991
<DIVIDEND-INCOME>                           1,534,214
<INTEREST-INCOME>                             850,460
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                865,897
<NET-INVESTMENT-INCOME>                     1,518,777
<REALIZED-GAINS-CURRENT>                    4,158,589
<APPREC-INCREASE-CURRENT>                  29,353,056
<NET-CHANGE-FROM-OPS>                      35,030,422
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           0
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             0
<NUMBER-OF-SHARES-REDEEMED>                         0
<SHARES-REINVESTED>                                 0
<NET-CHANGE-IN-ASSETS>                     60,307,168
<ACCUMULATED-NII-PRIOR>                             0
<ACCUMULATED-GAINS-PRIOR>                           0
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                         732,729
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                               865,897
<AVERAGE-NET-ASSETS>                      294,227,633
<PER-SHARE-NAV-BEGIN>                            0.00
<PER-SHARE-NII>                                  0.00
<PER-SHARE-GAIN-APPREC>                          0.00
<PER-SHARE-DIVIDEND>                             0.00
<PER-SHARE-DISTRIBUTIONS>                        0.00
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                              0.00
<EXPENSE-RATIO>                                  0.59
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                             0.00
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information
extracted from Standish, Ayer & Wood Investment Trust
form N-SAR for the period ended September 30, 1998
and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
   <NUMBER> 5
   <NAME> Standish Small Capitalization Equity Portfol
       
<S>                             <C>
<PERIOD-TYPE>                           6-MOS
<FISCAL-YEAR-END>                         SEP-30-1999
<PERIOD-END>                              MAR-31-1999
<INVESTMENTS-AT-COST>                      21,553,678
<INVESTMENTS-AT-VALUE>                     25,421,866
<RECEIVABLES>                               1,599,694
<ASSETS-OTHER>                                 13,499
<OTHER-ITEMS-ASSETS>                          151,995
<TOTAL-ASSETS>                             27,187,054
<PAYABLE-FOR-SECURITIES>                    1,193,329
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                      19,162
<TOTAL-LIABILITIES>                         1,212,491
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                   22,106,375
<SHARES-COMMON-STOCK>                               0
<SHARES-COMMON-PRIOR>                               0
<ACCUMULATED-NII-CURRENT>                           0
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             0
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                    3,868,188
<NET-ASSETS>                               25,974,563
<DIVIDEND-INCOME>                              22,750
<INTEREST-INCOME>                              15,403
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                 94,758
<NET-INVESTMENT-INCOME>                       (56,605)
<REALIZED-GAINS-CURRENT>                    2,724,233
<APPREC-INCREASE-CURRENT>                   4,990,820
<NET-CHANGE-FROM-OPS>                       7,658,448
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           0
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             0
<NUMBER-OF-SHARES-REDEEMED>                         0
<SHARES-REINVESTED>                                 0
<NET-CHANGE-IN-ASSETS>                     14,051,655
<ACCUMULATED-NII-PRIOR>                             0
<ACCUMULATED-GAINS-PRIOR>                           0
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                          56,793
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                94,758
<AVERAGE-NET-ASSETS>                       19,061,339
<PER-SHARE-NAV-BEGIN>                            0.00
<PER-SHARE-NII>                                  0.00
<PER-SHARE-GAIN-APPREC>                          0.00
<PER-SHARE-DIVIDEND>                             0.00
<PER-SHARE-DISTRIBUTIONS>                        0.00
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                              0.00
<EXPENSE-RATIO>                                  1.00
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                             0.00
        

</TABLE>


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